Brazilian biodiesel producer Brasil Ecodiesel (ECOD3.SA) is in talks to acquire local farming group Vanguarda Participacoes in a deal worth 1.2 billion reais ($758 million), the companies said on Tuesday. Under the terms of the deal, Brasil Ecodiesel would acquire all of Vanguarda's outstanding stock at 0.89 reais per share. Brasil Ecodiesel's controlling shareholders have 20 days to decide whether to go ahead with the acquisition. A merger of the two companies would create one of the largest agricultural groups in Brazil, a farming powerhouse in Latin America. ($1=1.582 reais)
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